Some concern is brewing over the Condo market in Long Beach?

Screen Shot 2015-02-13 at 4.22.09 PMThe other day I posted this new development listing which features:

“Parcel Approved For 8 – 1,500 Sq Ft Condominiums With 2+ Parking Spots Per. Please Present All Offers!!

Pay $1,498,562 and you can buy the whole thing.

Why would that property owner put this on the market for sale at 1.5 Million, when 8 condos could bring in $600+ each? Do the math, that’s 600,000 X 8 = 4.8 Million.

They are parcel approved, after all. Was the owner scared they wouldn’t sell?  Is the condo market in Long Beach oversaturated?

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7 thoughts on “Some concern is brewing over the Condo market in Long Beach?”

  1. Anthony, this lot has been for sale for years. The $1.4MM is just for the land and approved plans. You have to add in the construction, marketing and carrying costs which make this deal, at the asking price, a loser.

    Those condos are more likely to fetch $360 K in today’s market. The owner knows this and that’s why he wants out.

  2. Eddie, Shorkian bought this property in May of 2014 for 1,050,000 after being approved to build 8 units. What do you think happened in the last 9 months to make him do such a radical change in plans?

  3. been sale for years, but the house was just knocked down. You are probably right with the cost… especially since they won’t have much of an ocean view. But still… very close to pacific, which is a great beach.

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